The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-06-13
MILLIONAIRE CORCORAE.
Sketch of the Eventual Life Now Drawing
Toward a Peaceful Close.

Toward Peaceful Close.
Special to louisville Courier-JourpaI.
Mr.. w. w. Corcoran is some better. but the
chances are ten to one against his recovery.
His life has been an eventful one, but on the
whole happy and prosperous The event in his
history to which the venerable gentleman and
philanthropist must look backward with most
qualification was the successful handling Of the
first great government loan ever marketed by
the United States. In 1874 Mr. Corcoran. who
before had been in charge of the landed prop
erty of the old United States Bank. entered into
partnership with the late George Riggs. to
conduct a banking business in the District OF
Columbia. They purchased the United States
Bank Building, and formally entered into rrae-
tical banking. Mr.. Polk was elected President
that year, and the firm was but two years old
when the Mexican war began. The debt
of the United States then was $lo-
500 000 The urgent and Immediate re-
quirements of the government made II
necessary TO put upon the market loan of $lO,-
O00 000 folio we'd by another of the same amount,
at per cent. low rate of interest for the
times. The extraordinary DEVELOPMENT OF tho
South and South west, and the great profits at
tending mercantile and landed investments
there had absorbed great part OF the available
capital of the country Mort! as well as South
At that time it was doubtful it there were moro
than three men in all the United States who ware
millionaires. John Jacob Astor's estate was es-
tmated at million, aud Girards in Philadei-
phia, at the same figure. Others were valued at
half or perhaps three quarters OF a million, az
the Judah Touro fortune In New Orleans and
that of McDonough in New Orleans aud Balti-
more. The South Carolina Hamptons headed
the list OF very wealthy slave-owning planters
South, and the Seabrooks, OF the same State.
the growers of sea-island cotton, were probably
next, with either Julian Poydras, b. Laurent.
AIilaudou John Baptiste Armapt, of Louis
lana, easy third in the list
To carry a government loan of $50. 000. 600 at
such low interest was a financial feat that the
han nkarS nf hat
States dared not venture. 1t was au uotried
experiment With a sagacity far ahead of any
compeer of tho time, the young firm OF Corcorau
6 Riggs determined to undertake it.
Robert j. Walker, of Mississippi. was Secre-
tary of the Treasury. aud an ahler inancier has
never held that most distinguished position.
At a period when the capital of young and
growing nation was pretty we'll absorbed in its
improvement, the Secretary of the Treasury re-
allied that it would be- better to into the open
market and obtain his money as an individual
would. He did go. The banking business then.
in the North. was in the bands or few VINO purs
| chased merchants bills issued exchange. did
| n discount business and received deposits Beai
in mind, if you please, that ten million dollars
| then was equal in influence and Importance to
one hundred and fifty millions now. After much
! careful consideration, as have said, the WASH
ington firm of Corcoran & Riggs decided to take
the first loan of $40 600 900 flat, with the privi-
lege of the first offer of any other that might be
| rendered The second. for the same amount,
soon followed The banking world OF America
| was looking on in silent amazement wonder,
| ing what the Washington firm would do with It,,
to quote old-time banker who told the writer
| part of the story. At first there were dincui-
| ties The great Quaker bankers OF New I ork
| and Philadelphia. such as Josiah Macev 81 Sons
| ''would have none of the loan because the money
| was to be used in making war" They were men
| of peace. But there was a demand trustees.
| with money to invest for minor heirs, took some
| of the bonds. and there was a fair home demand,
| when something occurred change the entire
| affair 1T is always the impossible that hap
| pens," said La Rochefoucald.
When we had ouriirst with England over
the matter of boundaries between the United
| States and Canada Daniel Webster was Secre-
| tary of State. England, to arrange the disputed
| questions. sent out Lord Ashburton q man OF
| great sagacity. He met Mr. Corcorau hare fre-
| ouent!y and being born merchant and banker,
| Lord Ashburton was greatly impressed with { ne
| rapid growth and wonderful resources OF tne
| Young Republic. "Gad. what colossal blundeI
il was in George Ills Ministers to ha We lost to
| Great Britain such country as the United
| States said Lord Ashburton once to MT. Weo-
| ster in the unconventional conversation after .
| good dinner One day Messrs. Corcoran %
| Riggs were astonshed beyond measure to re-
| ceive letter from the London house OF the Bar
ings offering take FL 000o 900 worth OF U nj ted
| States bonds, or any part thereof, at par
| Three days thereafter the same proposi-
tion came from the great hrtn 1n;.S. o.
| and part owners in enormous interests with Inc
| Barings. AS lit never rains but 1t pours the
Rothschilds followed with as similar ofer, On. TO
had read of the loan. He thought he knew a
good thing when he saw it. The other great
firms followed the leau OF tne IoaTinEs- wv
coran went abroad and conducted the transac-
tons in person. The great bankers were equally
pleased at the modesty aud enterprise OF their
''American colleague" as they called him. His
visit was both a social and financial success, and
his firms name was as well known on Change
in London, Amsterdam, Frankfort. Paris or
Vienna as any of their own money kings. The
rest is history. When il was too late the New
York bankers would gladly have come into the
syndicate, but they were not needed. The loans
Of the government from lS4 to 1913, amounting
to nearly $40. 900, 900. were handled by Corcoran
& Riggs, who at one step went to the 'front.' and
were the clients and friends of the Rothschilds,
the Hopes and the Barings. who were the world
princes of finance.
| In 1854 Mr.. Corcoran had made an enormous
fortune for the time, though 1t must have al
most trebed since then in value, and rendered
his country such services as but few men have
given it. He determined to retire from active
business Since then his life has been the idea
| life literally has he gone about doing good Eel
years his chrritable donations have not been les'
| than S., 900 per month. No man OF our day ha
given so much to relieve his fellow men, and II st
Paul the greatest of the apostles. knew whereo
he spoke when he said, in his wonderful lecture OF
| ..Charity II Cor, chap. xiii And now abioetf